Under the asset purchase agreement, Prime pledged to invest $30 million in capital improvements at Saint Clare’s facilities over the next five years and maintain charity care levels at or above current levels at the system’s hospitals. Prime also agreed to hire substantially all of Saint Clare’s employees and to continue to follow the Catholic Ethical and Religious Directives for Health Care Services.
“We are committed to providing the best quality care in each and every community we serve and the addition of Saint Clare’s to the Prime Healthcare family will allow us to continue that tradition,” said Prem Reddy, MD, chairman, president and CEO of Prime.
The transaction closed July 31, with the effective date of the sale deferred until Oct. 1.
More articles on healthcare industry transactions:
Grady Memorial sets up bidding war with Prime Healthcare for Georgia hospital
Eastern Maine Healthcare Systems adds 9th hospital to its network
Crittenton Hospital Medical Center officially joins Ascension Michigan
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